Assets owned by the Black Country's largest printer, which closed with the loss of over 200 jobs, raised £ 400,000 at auction yesterday.

International buyers were involved in fierce bidding for the 750 lots on offer at the sale of equipment from Cradley Print.

Money raised at the sale, which took place at Cradley's premises in Chester Road, will go towards the creditors who are owed an estimated £9.5 million.

The directors of Cradley Print blamed union intransigence - strongly denied - for the collapse of the company which crashed with debts of nearly £9.5 million in April.

Administrators PKF have given up hope of finding a buyer for the business as a going concern and organised the sale to raise money for the creditors who stand to receive only 7.14p for every pound they are owed.

Among the 490 creditors, including former staff, are Sandwell Council, which is owed £115,000. Auctioneer Spencer Chapman said: "Strong interest in the sale had been received from around the world and we previewed plant and machinery to potential purchasers who flew in from Australia, Korea, India, Egypt, continental Europe, the Republic of Ireland and the US."

About 200 people attended the sale, held at the premises of Cradley which went into administration when its principal bank finally withdrew its facilities after several years of loss-making.

Cradley Print produced magazines, catalogues and brochures.

Administrators Eddie Kerr and Ian Gould, partners in accountants PKF, appointed property consultancy King Sturge to run the auction.

Mr Chapman, a partner at King Sturge, said: "The sale was an excellent opportunity for printers to purchase high-specification, late manuf actured plant, and although there was keen bidding from UK buyers much of the equipment was eventually sold to overseas firms."